Hamilton Insurance Group, Ltd.
For the period ended Sep 30, 2025. Filed Nov 5, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Nov 5, 2025
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Summary Results of Operations
Consolidated Results of Operations
The following is a comparison of selected data for our consolidated results of operations:
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands, except per share amounts) | 2025 | 2024 |
| Gross premiums written | $698,845 | $553,401 |
| Net premiums written | $578,981 | $477,896 |
| Net premiums earned | $522,999 | $448,795 |
| Third party fee income(1) | 4,169 | 4,464 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 278,712 | 273,632 |
| Acquisition costs | 125,412 | 102,201 |
| Other underwriting expenses(2) | 58,955 | 48,332 |
| Underwriting income (loss)(3) | 64,089 | 29,094 |
| Net realized and unrealized gains (losses) on investments | 115,136 | 48,228 |
| Net investment income (loss)(4) | 22,727 | 17,330 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) | 137,863 | 65,558 |
| Net foreign exchange gains (losses) | 2,619 | (5,973) |
| Corporate expenses(2) | 15,347 | 14,060 |
| Amortization of intangible assets | 4,000 | 5,204 |
| Interest expense | 4,933 | 5,351 |
| Income tax expense (benefit) | 3,866 | 3,029 |
| Net income (loss) | 176,425 | 61,035 |
| Net income (loss) attributable to non-controlling interest(5) | 40,225 | (17,215) |
| Net income (loss) attributable to common shareholders | $136,200 | $78,250 |
| Diluted income (loss) per share attributable to common shareholders | $1.32 | $0.74 |
| Key Ratios | ||
| Attritional loss ratio - current year | 55.4% | 53.2% |
| Attritional loss ratio - prior year development | (2.1)% | (0.7)% |
| Catastrophe loss ratio - current year | 0.0% | 11.5% |
| Catastrophe loss ratio - prior year development | 0.0% | (3.0)% |
| Loss and loss adjustment expense ratio | 53.3% | 61.0% |
| Acquisition cost ratio | 24.0% | 22.8% |
| Other underwriting expense ratio | 10.5% | 9.8% |
| Combined ratio | 87.8% | 93.6% |
| Return on average common shareholders' equity | 5.2% | 3.4% |
The following table summarizes book value per share and balance sheet data:
| ($ in thousands, except per share amounts) | As at | |
|---|---|---|
| Book Value | September 30,2025 | June 30,2025 |
| Tangible book value per common share | $26.16 | $24.65 |
| Change in tangible book value per common share | 6.1% | |
| Book value per common share | $27.06 | $25.55 |
| Change in book value per common share | 5.9% | |
| Balance Sheet Data | ||
| Total assets | $9,213,370 | $8,913,050 |
| Total shareholders' equity | $2,661,993 | $2,558,591 |
(1) Third party fee income is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(2) Other underwriting expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most directly comparable GAAP financial measure, also included corporate expenses of $15.3 million, and $14.1 million for the three months ended September 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(3) Underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(4) Net investment income (loss) is presented net of investment management fees.
(5) Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations—Corporate and Other' for further details.
Operating Highlights
The following significant items impacted the consolidated results of operations for the three months ended September 30, 2025 and 2024:
Gross premiums written Gross premiums written were $698.8 million and $553.4 million for the three months ended September 30, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our casualty reinsurance classes and casualty, specialty and property insurance classes. The increase was as a result of growth in both new and existing business for the three months ended September 30, 2025.
Underwriting results The combined ratio was 87.8% and 93.6% for the three months ended September 30, 2025 and 2024, respectively. The decrease was primarily driven by a decrease in the catastrophe loss ratio, partially offset by an increase in the acquisition cost ratio and other underwriting expense ratio.
| For the Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $289,874 | 55.4% | $(11,162) | (2.1)% | $278,712 | 53.3% |
| Catastrophe losses | — | 0.0% | — | 0.0% | — | 0.0% |
| Total | $289,874 | 55.4% | $(11,162) | (2.1)% | $278,712 | 53.3% |
| Attritional losses | $238,554 | 53.2% | $(3,209) | (0.7)% | $235,345 | 52.5% |
| Catastrophe losses | 51,699 | 11.5% | (13,412) | (3.0)% | 38,287 | 8.5% |
| Total | $290,253 | 64.7% | $(16,621) | (3.7)% | $273,632 | 61.0% |
Attritional loss ratio - current year for the three months ended September 30, 2025 was 55.4% compared to 53.2% for the three months ended September 30, 2024, an increase of 2.2 percentage points. The increase was primarily driven by a specific large loss in our Bermuda specialty and property reinsurance classes and a change in business mix, including more casualty reinsurance business.
Attritional loss ratio - prior year for the three months ended September 30, 2025 was a favorable 2.1% compared to a favorable 0.7% for the three months ended September 30, 2024, a decrease of 1.4 percentage points. The attritional loss ratio - prior year for the three months ended September 30, 2025 was primarily driven by favorable development in both our Bermuda and International property classes and our Bermuda specialty classes. In addition, casualty business protected by the loss portfolio transfer ("LPT") discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $0.3 million and a change in the deferred gain of $0.1 million, for a total net positive earnings impact of $0.4 million. The attritional loss ratio - prior year for the three months ended September 30, 2024 was primarily driven by favorable development in property and specialty classes in both our International and Bermuda segments, partially offset by unfavorable development in casualty classes in both our International and Bermuda segments. In addition, casualty business protected by the LPT benefited from favorable development in the underlying reserves of $1.7 million, which was partially offset by a change in the deferred gain of $0.6 million, for a total net positive earnings impact of $1.1 million.
Catastrophe losses - current year and prior year development were $Nil for the three months ended September 30, 2025. Catastrophe losses - current year and prior year for the three months ended September 30, 2024 were driven by Hurricane Helene ($33.9 million), the Calgary hailstorms ($12.3 million), and Hurricane Debby ($5.5 million), partially offset by favorable prior year development of $13.4 million.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $94,469 | $(28,291) |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other | 43,394 | 93,849 |
| $137,863 | $65,558 | |
| Net income (loss) attributable to non-controlling interest - TSHF | $40,225 | $(17,215) |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $94.5 million and a loss of $28.3 million for the three months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees.
Net investment income, net of non-controlling interest - TSHF, returned income of $54.2 million and a loss of $11.1 million for the three months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.
TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 2.6% and (0.6)% for the three months ended September 30, 2025 and 2024, respectively.
For the three months ended September 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Losses from such macro trading were led by fixed income in NTV, and derivatives relative value in KTV.
For the three months ended September 30, 2024, losses in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, losses were experienced in equities, currencies, and fixed income. In single name equities trading, TS Hamilton Fund saw positive contributions from non-U.S. equities within ESTV, which were partially offset by losses from U.S. equities within Two Sigma STV. Within ESTV, gains were led by Europe, East Asia, and Pan-America, in decreasing order.
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other, returned income of $43.4 million and $93.8 million for the three months ended September 30, 2025 and 2024, respectively. Income for the three months ended September 30, 2025 was driven by both investment income and positive mark-to-market returns. Income for the three months ended September 30, 2024 was primarily driven by investment income on higher yielding assets and positive mark-to-market returns as a result of decreasing U.S. Treasury interest rates.
Segment Information
We have determined our reportable business segments based on the information used by management in assessing performance and allocating resources to underwriting operations. We have identified two reportable business segments - International and Bermuda. Each of our identified reportable segments has a Chief Executive Officer who is responsible for the overall profitability of their segment and who regularly reports and is directly accountable to the chief operating decision maker ("CODM"): the Chief Executive Officer of the consolidated group. The CODM's responsibilities include providing leadership to all levels of employees; developing culture, values, and ethos; setting the Company's strategy, vision and direction; and overall responsibility for the success and profitability of the Company, including evaluating segment performance.
The CODM evaluates reportable segment performance based on the segments' respective underwriting income or loss. Underwriting income or loss is calculated as net premiums earned less losses and loss adjustment expenses, acquisition costs, and other underwriting expenses, net of third party fee income. General and administrative expenses not incurred by the reportable segments are included in corporate and other expenses as part of the reconciliation of net underwriting income or loss to net income or loss attributable to common shareholders. As we do not manage our assets by reportable segment, investment income and assets are not allocated to reportable segments.
Our core business is underwriting and our underwriting results are reflected in our reportable segments: (1) International, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from the Company’s London, Dublin, and Hamilton Select operations; and (2) Bermuda, which is comprised of property, casualty and specialty insurance and reinsurance classes of business originating from Hamilton Re, Bermuda and Hamilton Re US and subsidiaries. We consider many factors, including the nature of each segment’s products, client types, production sources, distribution methods and the regulatory environment, in determining the aggregated operating segments.
Corporate includes net realized and unrealized gains (losses) on investments, net investment income (loss), net foreign exchange gains (losses), general and administrative expenses not incurred by the reportable segments, amortization of intangible assets, interest expense, and income tax expense (benefit).
International Segment
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Gross premiums written | $379,957 | $325,525 |
| Net premiums written | $304,410 | $268,106 |
| Net premiums earned | $252,302 | $225,244 |
| Third party fee income | 2,137 | 4,170 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 133,895 | 130,135 |
| Acquisition costs | 67,007 | 59,713 |
| Other underwriting expenses | 41,703 | 34,143 |
| Underwriting income (loss) | $11,834 | $5,423 |
| Attritional losses - current year | $139,390 | $124,519 |
| Attritional losses - prior year development | (5,495) | (3,279) |
| Catastrophe losses - current year | — | 14,384 |
| Catastrophe losses - prior year development | — | (5,489) |
| Losses and loss adjustment expenses | $133,895 | $130,135 |
| Attritional loss ratio - current year | 55.3% | 55.3% |
| Attritional loss ratio - prior year development | (2.2)% | (1.5)% |
| Catastrophe loss ratio - current year | 0.0% | 6.4% |
| Catastrophe loss ratio - prior year development | 0.0% | (2.4)% |
| Losses and loss adjustment expense ratio | 53.1% | 57.8% |
| Acquisition cost ratio | 26.6% | 26.5% |
| Other underwriting expense ratio | 15.7% | 13.3% |
| Combined ratio | 95.4% | 97.6% |
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $63,894 | $51,441 |
| Casualty | 167,107 | 144,107 |
| Specialty | 148,956 | 129,977 |
| Total | $379,957 | $325,525 |
Gross premiums written increased by $54.4 million, or 16.7%, from $325.5 million for the three months ended September 30, 2024 to $380.0 million for the three months ended September 30, 2025. The increase was primarily driven by growth in both new and existing business across casualty, specialty and property insurance classes.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $47,813 | $37,033 |
| Casualty | 91,841 | 86,062 |
| Specialty | 112,648 | 102,149 |
| Total | $252,302 | $225,244 |
Net premiums earned increased by $27.1 million, or 12.0%, from $225.2 million for the three months ended September 30, 2024 to $252.3 million for the three months ended September 30, 2025. The increase was primarily driven by growth in our specialty, property and casualty insurance classes. Specialty insurance growth was primarily driven by marine & energy, fine art & specie and accident & health; property insurance growth was primarily driven by property binder business; and casualty insurance growth was primarily driven by U.S. excess and surplus lines.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Third party fee income | $2,137 | $4,170 |
Third party fee income decreased by $2.0 million, from $4.2 million for the three months ended September 30, 2024 to $2.1 million for the three months ended September 30, 2025. The decrease was primarily due to a decrease in syndicate management fees. Effective July 1, 2025, the management of the third party syndicate was novated from Hamilton Managing Agency to another Lloyd's managing agency. This ended the Company's management of third party syndicates.
| For the Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $139,390 | 55.3% | $(5,495) | (2.2)% | $133,895 | 53.1% |
| Catastrophe losses | — | 0.0% | — | 0.0% | — | 0.0% |
| Total | $139,390 | 55.3% | $(5,495) | (2.2)% | $133,895 | 53.1% |
| Attritional losses | $124,519 | 55.3% | $(3,279) | (1.5)% | $121,240 | 53.8% |
| Catastrophe losses | 14,384 | 6.4% | (5,489) | (2.4)% | 8,895 | 4.0% |
| Total | $138,903 | 61.7% | $(8,768) | (3.9)% | $130,135 | 57.8% |
Attritional loss ratio - current year for the three months ended September 30, 2025 was flat at 55.3% compared to 55.3% for the three months ended September 30, 2024.
Attritional loss ratio - prior year for the three months ended September 30, 2025 was a favorable 2.2% compared to a favorable 1.5% for the three months ended September 30, 2024, a decrease of 0.7 percentage points. The favorable attritional loss ratio - prior year for the three months ended September 30, 2025 was primarily driven by favorable development in property insurance classes. In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $0.3 million and a change in the deferred gain of $0.1 million, for a total net positive earnings impact of $0.4 million.
Catastrophe losses - current year and prior year were $Nil for the three months ended September 30, 2025. Catastrophe losses - current year and prior year for the three months ended September 30, 2024 were driven by Hurricane Helene ($12.9 million) and Hurricane Debby ($1.5 million), partially offset by favorable prior year development of $5.5 million.
| For the Three Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | '25 vs '24point r |
| Property | $15,459 | $13,269 | 32.3% | 35.8% | (3.5) |
| Casualty | 16,372 | 15,404 | 17.8% | 17.9% | (0.1) |
| Specialty | 35,176 | 31,040 | 31.2% | 30.4% | 0.8 |
| Total | $67,007 | $59,713 | 26.6% | 26.5% | 0.1 |
The acquisition cost ratio for the three months ended September 30, 2025 increased modestly to 26.6%, compared to 26.5% for the three months ended September 30, 2024.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Other underwriting expenses | $41,703 | $34,143 |
| Other underwriting expense ratio | 15.7% | 13.3% |
Other underwriting expenses for the three months ended September 30, 2025 were $41.7 million, an increase of $7.6 million, or 22.1%, compared to $34.1 million for the three months ended September 30, 2024. The increase was primarily driven by an increased headcount, as we continued to build out underwriting teams supporting the corresponding increase in premium volume and an increase in certain variable performance based compensation costs.
The other underwriting expense ratios for the three months ended September 30, 2025 and 2024 increased from 13.3% to 15.7% driven by an increase in the underlying costs and a decrease in third party fee income, partially offset by growth in the premium base.
Bermuda Segment
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Gross premiums written | $318,888 | $227,876 |
| Net premiums written | $274,571 | $209,790 |
| Net premiums earned | $270,697 | $223,551 |
| Third party fee income | 2,032 | 294 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 144,817 | 143,497 |
| Acquisition costs | 58,405 | 42,488 |
| Other underwriting expenses | 17,252 | 14,189 |
| Underwriting income (loss) | $52,255 | $23,671 |
| Attritional losses - current year | $150,484 | $114,035 |
| Attritional losses - prior year development | (5,667) | 70 |
| Catastrophe losses - current year | — | 37,315 |
| Catastrophe losses - prior year development | — | (7,923) |
| Losses and loss adjustment expenses | $144,817 | $143,497 |
| Attritional loss ratio - current year | 55.6% | 51.0% |
| Attritional loss ratio - prior year development | (2.1)% | 0.0% |
| Catastrophe loss ratio - current year | 0.0% | 16.7% |
| Catastrophe loss ratio - prior year development | 0.0% | (3.5)% |
| Losses and loss adjustment expense ratio | 53.5% | 64.2% |
| Acquisition cost ratio | 21.6% | 19.0% |
| Other underwriting expense ratio | 5.6% | 6.2% |
| Combined ratio | 80.7% | 89.4% |
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $70,732 | $68,560 |
| Casualty | 210,376 | 128,891 |
| Specialty | 37,780 | 30,425 |
| Total | $318,888 | $227,876 |
Gross premiums written increased by $91.0 million, or 39.9%, from $227.9 million for the three months ended September 30, 2024 to $318.9 million for the three months ended September 30, 2025. The increase was primarily driven by growth in both new and existing business in casualty and specialty reinsurance classes.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $82,435 | $84,733 |
| Casualty | 152,156 | 107,886 |
| Specialty | 36,106 | 30,932 |
| Total | $270,697 | $223,551 |
Net premiums earned increased by $47.1 million, or 21.1%, from $223.6 million for the three months ended September 30, 2024 to $270.7 million for the three months ended September 30, 2025. The increase was primarily driven by new business and volume growth in our casualty reinsurance classes. The most significant drivers of this increase were general liability and professional liability.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Third party fee income | $2,032 | $294 |
Third party fee income is generated by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and increased by $1.7 million, from $0.3 million for the three months ended September 30, 2024 to $2.0 million for the three months ended September 30, 2025.
| For the Three Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $150,484 | 55.6% | $(5,667) | (2.1)% | $144,817 | 53.5% |
| Catastrophe losses | — | 0.0% | — | 0.0% | — | 0.0% |
| Total | $150,484 | 55.6% | $(5,667) | (2.1)% | $144,817 | 53.5% |
| Attritional losses | $114,035 | 51.0% | $70 | 0.0% | $114,105 | 51.0% |
| Catastrophe losses | 37,315 | 16.7% | (7,923) | (3.5)% | 29,392 | 13.2% |
| Total | $151,350 | 67.7% | $(7,853) | (3.5)% | $143,497 | 64.2% |
Attritional loss ratio - current year for the three months ended September 30, 2025 was 55.6% compared to 51.0% for the three months ended September 30, 2024, an increase of 4.6 percentage points. The increase was primarily driven by a specific large loss in specialty and property reinsurance classes and a change in business mix, including more proportional casualty reinsurance business.
Attritional loss ratio - prior year for the three months ended September 30, 2025 was a favorable 2.1%, compared to Nil for the three months ended September 30, 2024, a decrease of 2.1 percentage points. The favorable attritional loss ratio - prior year for the three months ended September 30, 2025 was primarily driven by favorable development in specialty and property reinsurance classes.
Catastrophe losses - current year and prior year were $Nil for the three months ended September 30, 2025. Catastrophe losses - current year and prior year for the three months ended September 30, 2024 were driven by Hurricane Helene ($21.0 million), the Calgary hailstorms ($12.3 million), and Hurricane Debby ($4.0 million), partially offset by favorable prior year development of $7.9 million.
| For the Three Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | '25 vs '24point r |
| Property | $11,777 | $9,255 | 14.3% | 10.9% | 3.4 |
| Casualty | 39,708 | 26,194 | 26.1% | 24.3% | 1.8 |
| Specialty | 6,920 | 7,039 | 19.2% | 22.8% | (3.6) |
| Total | $58,405 | $42,488 | 21.6% | 19.0% | 2.6 |
The acquisition cost ratio for the three months ended September 30, 2025 increased to 21.6%, compared to 19.0% for the three months ended September 30, 2024. The increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance classes.
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Other underwriting expenses | $17,252 | $14,189 |
| Other underwriting expense ratio | 5.6% | 6.2% |
Other underwriting expenses for the three months ended September 30, 2025 were $17.3 million, an increase of $3.1 million, or 21.6%, compared to $14.2 million for the three months ended September 30, 2024. The increase was primarily driven by an increased headcount as we continued to build out underwriting teams supporting the corresponding increase in premium volume and an increase in certain variable performance based compensation costs.
The other underwriting expense ratio for the three months ended September 30, 2025 and 2024 decreased from 6.2% to 5.6%, primarily as a result of growth in the premium base and certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd.
Corporate and Other
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $94,469 | $(28,291) |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other | 43,394 | 93,849 |
| $137,863 | $65,558 | |
| Net income (loss) attributable to non-controlling interest - TSHF | $40,225 | $(17,215) |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $94.5 million and a loss of $28.3 million for the three months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees.
Net investment income, net of non-controlling interest - TSHF, returned income of $54.2 million and a loss of $11.1 million for the three months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.
TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 2.6% and (0.6)% for the three months ended September 30, 2025 and 2024, respectively.
For the three months ended September 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the scientific discretionary macro vehicle, NTV, and the relative value rates vehicle, KTV. Losses from such macro trading were led by fixed income in NTV, and derivatives relative value in KTV.
For the three months ended September 30, 2024, losses in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, losses were experienced in equities, currencies, and fixed income. In single name equities trading, TS Hamilton Fund saw positive contributions from non-U.S. equities within ESTV, which were partially offset by losses from U.S. equities within Two Sigma STV. Within ESTV, gains were led by Europe, East Asia, and Pan-America, in decreasing order.
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other, returned income of $43.4 million and $93.8 million for the three months ended September 30, 2025 and 2024, respectively. Income for the three months ended September 30, 2025 was driven by both investment income and positive mark-to-market returns. Income for the three months ended September 30, 2024 was primarily driven by investment income on higher yielding assets and positive mark-to-market returns as a result of decreasing U.S. Treasury interest rates.
Net Foreign Exchange Gains (Losses)
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Net foreign exchange gains (losses) | $2,619 | $(5,973) |
Our functional currency is the U.S. Dollar. We may conduct routine underwriting operations or invest a portion of our cash and other investable assets in currencies other than U.S. Dollars. Consequently, we may incur foreign exchange gains and losses in our results of operations.
Foreign exchange gains of $2.6 million and losses of $6.0 million for the three months ended September 30, 2025 and 2024, respectively, were primarily driven by the remeasurement of insurance-related assets and liabilities denominated in British Pounds, Euro, Japanese Yen, and Australian and Canadian Dollars.
Corporate Expenses
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Corporate expenses | $15,347 | $14,060 |
Corporate expenses for the three months ended September 30, 2025 were $15.3 million, compared to $14.1 million for the three months ended September 30, 2024, an increase of $1.3 million. The increase was primarily driven by certain variable performance based compensation costs, partially offset by lower Value Appreciation Pool ("VAP") expenses.
Amortization of Intangible Assets
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Amortization of intangible assets | $4,000 | $5,204 |
Amortization of intangible assets of $4.0 million and $5.2 million for the three months ended September 30, 2025 and 2024, respectively, relates to internally developed software and intangible assets acquired in a business combination. The decrease in amortization expense is primarily driven by the timing of completion of certain projects.
Interest Expense
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Interest expense | $4,933 | $5,351 |
Interest expense of $4.9 million and $5.4 million for the three months ended September 30, 2025 and 2024, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The decrease in interest expense is primarily driven by the decrease in the Secured Overnight Financing Rate ("SOFR") which underlies the floating rate associated with the term loan.
Income Tax Expense (Benefit)
| For the Three Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Income tax expense (benefit) | $3,866 | $3,029 |
Income tax expense (benefit) for the three months ended September 30, 2025 was $3.9 million, compared to $3.0 million for the three months ended September 30, 2024, an increase of $0.8 million. Tax expense is primarily driven by withholding taxes on investment income from TS Hamilton Fund and income tax expense on earnings from our U.S. and Dublin operations, partially offset by a decrease in valuation allowance.
Consolidated Results of Operations
The following is a comparison of selected data for our consolidated results of operations:
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands, except per share amounts) | 2025 | 2024 |
| Gross premiums written | $2,254,177 | $1,878,645 |
| Net premiums written | $1,739,169 | $1,467,843 |
| Net premiums earned | $1,533,090 | $1,252,862 |
| Third party fee income(1) | 13,845 | 17,934 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 943,875 | 720,478 |
| Acquisition costs | 365,108 | 283,059 |
| Other underwriting expenses(2) | 164,664 | 140,339 |
| Underwriting income (loss)(3) | 73,288 | 126,920 |
| Net realized and unrealized gains (losses) on investments | 571,964 | 454,851 |
| Net investment income (loss)(4) | 62,721 | 43,667 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) | 634,685 | 498,518 |
| Net foreign exchange gains (losses) | (4,422) | (9,883) |
| Corporate expenses(2) | 41,168 | 41,825 |
| Amortization of intangible assets | 11,895 | 11,773 |
| Interest expense | 15,264 | 17,090 |
| Income tax expense (benefit) | 9,748 | 6,118 |
| Net income (loss) | 625,476 | 538,749 |
| Net income (loss) attributable to non-controlling interest(5) | 220,990 | 172,240 |
| Net income (loss) attributable to common shareholders | $404,486 | $366,509 |
| Diluted income (loss) per share attributable to common shareholders | $3.88 | $3.33 |
| Key Ratios | ||
| Attritional loss ratio - current year | 53.4% | 53.9% |
| Attritional loss ratio - prior year development | (1.8)% | 0.6% |
| Catastrophe loss ratio - current year | 11.1% | 4.1% |
| Catastrophe loss ratio - prior year development | (1.1)% | (1.1)% |
| Loss and loss adjustment expense ratio | 61.6% | 57.5% |
| Acquisition cost ratio | 23.8% | 22.6% |
| Other underwriting expense ratio | 9.8% | 9.8% |
| Combined ratio | 95.2% | 89.9% |
| Return on average common shareholders' equity | 16.2% | 16.8% |
The following table summarizes book value per share and balance sheet data:
| ($ in thousands, except per share amounts) | As at | |
|---|---|---|
| Book Value | September 30,2025 | December 31,2024 |
| Tangible book value per common share | $26.16 | $22.03 |
| Change in tangible book value per common share | 18.7% | |
| Book value per common share | $27.06 | $22.95 |
| Change in book value per common share | 17.9% | |
| Balance Sheet Data | ||
| Total assets | $9,213,370 | $7,796,033 |
| Total shareholders' equity | $2,661,993 | $2,328,709 |
(1) Third party fee income is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(2) Other underwriting expenses is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. The reconciliation to general and administrative expenses, the most directly comparable GAAP financial measure, also included corporate expenses of $41.2 million and $41.8 million for the nine months ended September 30, 2025 and 2024, respectively. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(3) Underwriting income (loss) is a non-GAAP financial measure as defined in Item 10(e) of SEC Regulation S-K. Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations – Non-GAAP Measures' for further details.
(4) Net investment income (loss) is presented net of investment management fees.
(5) Refer to 'Management’s Discussion and Analysis of Financial Condition and Results of Operations—Consolidated Results of Operations—Corporate and Other' for further details.
Operating Highlights
The following significant items impacted the consolidated results of operations for the nine months ended September 30, 2025 and 2024:
Gross premiums written Gross premiums written were $2.3 billion and $1.9 billion for the nine months ended September 30, 2025 and 2024, respectively. The increase in gross premiums written was primarily driven by our casualty and property reinsurance classes and casualty, specialty and property insurance classes. The increase was as a result of growth in both new and existing business for the nine months ended September 30, 2025.
Underwriting results The combined ratio was 95.2% and 89.9% for the nine months ended September 30, 2025 and 2024, respectively. The increase was primarily driven by an increase in the catastrophe loss ratio and the acquisition cost ratio, partially offset by a decrease in the attritional loss ratio.
| For the Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $820,109 | 53.4% | $(28,270) | (1.8)% | $791,839 | 51.6% |
| Catastrophe losses | 169,620 | 11.1% | (17,584) | (1.1)% | 152,036 | 10.0% |
| Total | $989,729 | 64.5% | $(45,854) | (2.9)% | $943,875 | 61.6% |
| Attritional losses | $674,903 | 53.9% | $7,091 | 0.6% | $681,994 | 54.5% |
| Catastrophe losses | 51,699 | 4.1% | (13,215) | (1.1)% | 38,484 | 3.0% |
| Total | $726,602 | 58.0% | $(6,124) | (0.5)% | $720,478 | 57.5% |
Attritional loss ratio - current year for the nine months ended September 30, 2025 was 53.4% compared to 53.9% for the nine months ended September 30, 2024, a decrease of 0.5 percentage points. The attritional loss ratio - current year for the nine months ended September 30, 2025 was impacted by two large losses primarily in our Bermuda specialty and property reinsurance classes and a change in business mix, including more casualty reinsurance business. The attritional loss ratio - current year for the nine months ended September 30, 2024 included a specific large loss of $37.9 million arising from the Francis Scott Key Baltimore Bridge collapse.
Attritional loss ratio - prior year for the nine months ended September 30, 2025 was a favorable 1.8% compared to an unfavorable 0.6% for the nine months ended September 30, 2024, a decrease of 2.4 percentage points. The attritional loss ratio - prior year for the nine months ended September 30, 2025 was primarily driven by favorable development in both our Bermuda and International specialty and property classes, partially offset by unfavorable development in certain Bermuda casualty classes. In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $4.2 million, which was partially offset by a change in the deferred gain of $2.5 million, for a total net positive earnings impact of $1.7 million. The attritional loss ratio - prior year for the nine months ended September 30, 2024 was primarily driven by unfavorable development in casualty classes in both our International and Bermuda segments and specialty insurance classes in our International segment, partially offset by favorable development in our International and Bermuda property classes. In addition, casualty business protected by the LPT benefited from favorable development in the underlying reserves of $1.4 million and a $1.3 million change in the deferred gain, for a total net positive earnings impact of $2.7 million.
Catastrophe losses - current year and prior year development were $152.0 million and $38.5 million for the nine months ended September 30, 2025 and 2024, respectively. Catastrophe losses for the nine months ended September 30, 2025 were driven by the California wildfires ($159.7 million) and severe convective storms ($9.9 million), partially offset by favorable prior year development of $17.6 million. Catastrophe losses for the nine months ended September 30, 2024 were driven by Hurricane Helene ($33.9 million), the Calgary hailstorms ($12.3 million), and Hurricane Debby ($5.5 million), partially offset by favorable prior year development of $13.2 million.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $465,888 | $379,712 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other | 168,797 | 118,806 |
| $634,685 | $498,518 | |
| Net income (loss) attributable to non-controlling interest - TSHF | $220,990 | $172,240 |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $465.9 million and $379.7 million for the nine months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees.
Net investment income, net of non-controlling interest - TSHF, returned income of $244.9 million and $207.5 million for the nine months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.
TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 13.0% and 12.2% for the nine months ended September 30, 2025 and 2024, respectively.
For the nine months ended September 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the scientific discretionary macro vehicle, NTV, the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle KTV. Losses from such macro trading were led by balance sheet trades in KTV.
For the nine months ended September 30, 2024, gains in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, gains were achieved in equities, commodities, fixed income, and credit, while losses were experienced in currencies. TS Hamilton Fund also saw gains from single name equities trading within STV and ESTV. In single name equities trading, gains were led by U.S. equities within STV, followed by non-U.S. equities within ESTV. Within ESTV, East Asia, Europe, Pan-America and China all made positive contributions to gains, in decreasing order.
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other returned income of $168.8 million and $118.8 million for the nine months ended September 30, 2025 and 2024, respectively. Income for the nine months ended September 30, 2025 was primarily driven by investment income on a larger portfolio of higher yielding assets and positive mark-to-market returns. Income for the nine months ended September 30, 2024 was primarily driven by investment income on higher yielding assets and positive mark-to-market returns as a result of decreasing U.S. Treasury interest rates.
International Segment
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Gross premiums written | $1,094,715 | $957,981 |
| Net premiums written | $791,473 | $687,444 |
| Net premiums earned | $746,078 | $637,700 |
| Third party fee income | 10,301 | 11,557 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 404,300 | 359,181 |
| Acquisition costs | 195,480 | 160,589 |
| Other underwriting expenses | 116,833 | 99,317 |
| Underwriting income (loss) | $39,766 | $30,170 |
| Attritional losses - current year | $396,051 | $348,117 |
| Attritional losses - prior year development | (21,914) | 1,972 |
| Catastrophe losses - current year | 30,640 | 14,384 |
| Catastrophe losses - prior year development | (477) | (5,292) |
| Losses and loss adjustment expenses | $404,300 | $359,181 |
| Attritional loss ratio - current year | 53.1% | 54.6% |
| Attritional loss ratio - prior year development | (2.9)% | 0.3% |
| Catastrophe loss ratio - current year | 4.1% | 2.2% |
| Catastrophe loss ratio - prior year development | (0.1)% | (0.8)% |
| Losses and loss adjustment expense ratio | 54.2% | 56.3% |
| Acquisition cost ratio | 26.2% | 25.2% |
| Other underwriting expense ratio | 14.3% | 13.8% |
| Combined ratio | 94.7% | 95.3% |
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $182,292 | $142,685 |
| Casualty | 443,110 | 397,400 |
| Specialty | 469,313 | 417,896 |
| Total | $1,094,715 | $957,981 |
Gross premiums written increased by $136.7 million, or 14.3%, from $958.0 million for the nine months ended September 30, 2024 to $1.1 billion for the nine months ended September 30, 2025. The increase was primarily driven by growth in both new and existing business in casualty, specialty and property insurance classes.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $137,223 | $104,697 |
| Casualty | 271,643 | 234,760 |
| Specialty | 337,212 | 298,243 |
| Total | $746,078 | $637,700 |
Net premiums earned increased by $108.4 million, or 17.0%, from $637.7 million for the nine months ended September 30, 2024 to $746.1 million for the nine months ended September 30, 2025. The increase was primarily driven by growth in our casualty, property and specialty insurance classes. Casualty insurance growth was primarily driven by U.S. excess and surplus lines and mergers & acquisitions; property insurance growth was primarily driven by property binder business; and specialty insurance growth was primarily driven by accident & health and marine & energy.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Third party fee income | $10,301 | $11,557 |
Third party fee income decreased by $1.3 million, or 10.9%, from $11.6 million for the nine months ended September 30, 2024 to $10.3 million for the nine months ended September 30, 2025. The decrease was primarily due to a decrease in syndicate management fees. Effective July 1, 2025, the management of the third party syndicate was novated from Hamilton Managing Agency to another Lloyd's managing agency. This ended the Company's management of third party syndicates.
| For the Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $396,051 | 53.1% | $(21,914) | (2.9)% | $374,137 | 50.2% |
| Catastrophe losses | 30,640 | 4.1% | (477) | (0.1)% | 30,163 | 4.0% |
| Total | $426,691 | 57.2% | $(22,391) | (3.0)% | $404,300 | 54.2% |
| Attritional losses | $348,117 | 54.6% | $1,972 | 0.3% | $350,089 | 54.9% |
| Catastrophe losses | 14,384 | 2.2% | (5,292) | (0.8)% | 9,092 | 1.4% |
| Total | $362,501 | 56.8% | $(3,320) | (0.5)% | $359,181 | 56.3% |
Attritional loss ratio - current year for the nine months ended September 30, 2025 was 53.1% compared to 54.6% for the nine months ended September 30, 2024, a decrease of 1.5 percentage points. The decrease was primarily driven by the reduced impact of large losses for the nine months ended September 30, 2025, compared to the same period in 2024, which was impacted by the Baltimore Bridge collapse.
Attritional loss ratio - prior year for the nine months ended September 30, 2025 wasa favorable 2.9% compared to an unfavorable 0.3% for the nine months ended September 30, 2024, a decrease of 3.2 percentage points. The favorable attritional loss ratio - prior year for the nine months ended September 30, 2025 was primarily driven by favorable development in property insurance, specialty reinsurance and insurance classes and casualty insurance classes, partially offset by modest unfavorable development in casualty reinsurance classes. In addition, casualty business protected by the LPT discussed in Note 6, Reinsurance, benefited from favorable development in the underlying reserves of $4.2 million, which was partially offset by a change in the deferred gain of $2.5 million, for a total net positive earnings impact of $1.7 million.
Catastrophe losses - current year and prior year were $30.2 million and $9.1 million for thenine months ended September 30, 2025 and 2024, respectively. Catastrophe losses for the nine months ended September 30, 2025 were driven by the California wildfires ($29.0 million) and severe convective storms ($1.6 million), partially offset by favorable prior year development of $0.4 million. Catastrophe losses for the nine months ended September 30, 2024 were driven by Hurricane Helene ($12.9 million) and Hurricane Debby ($1.5 million), partially offset byfavorable prior year development of $5.3 million.
| For the Nine Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | '25 vs '24point r |
| Property | $45,834 | $35,658 | 33.4% | 34.1% | (0.7) |
| Casualty | 50,965 | 37,616 | 18.8% | 16.0% | 2.8 |
| Specialty | 98,681 | 87,315 | 29.3% | 29.3% | — |
| Total | $195,480 | $160,589 | 26.2% | 25.2% | 1.0 |
The acquisition cost ratio for the nine months ended September 30, 2025 was 26.2%, compared to 25.2% for the nine months ended September 30, 2024, an increase of 1.0 percentage point. The increase was primarily driven by casualty insurance classes and specialty reinsurance classes, primarily due to higher profit commission costs on certain lines of business and a change in business mix.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Other underwriting expenses | $116,833 | $99,317 |
| Other underwriting expense ratio | 14.3% | 13.8% |
Other underwriting expenses were $116.8 million for the nine months ended September 30, 2025, an increase of $17.5 million, or 17.6%, compared to $99.3 million for the nine months ended September 30, 2024. The increase was primarily driven by an increased headcount as we continued to build out underwriting teams supporting the corresponding increase in premium volume and increase in certain variable performance based compensation costs.
The other underwriting expense ratios for the nine months ended September 30, 2025 and 2024 increased from 13.8% to 14.3% driven by an increase in the underlying costs, partially offset by growth in the premium base.
Bermuda Segment
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Gross premiums written | $1,159,462 | $920,664 |
| Net premiums written | $947,696 | $780,399 |
| Net premiums earned | $787,012 | $615,162 |
| Third party fee income | 3,544 | 6,377 |
| Claims and Expenses | ||
| Losses and loss adjustment expenses | 539,575 | 361,297 |
| Acquisition costs | 169,628 | 122,470 |
| Other underwriting expenses | 47,831 | 41,022 |
| Underwriting income (loss) | $33,522 | $96,750 |
| Attritional losses - current year | $424,058 | $326,786 |
| Attritional losses - prior year development | (6,356) | 5,119 |
| Catastrophe losses - current year | 138,980 | 37,315 |
| Catastrophe losses - prior year development | (17,107) | (7,923) |
| Losses and loss adjustment expenses | $539,575 | $361,297 |
| Attritional loss ratio - current year | 53.9% | 53.1% |
| Attritional loss ratio - prior year development | (0.8)% | 0.8% |
| Catastrophe loss ratio - current year | 17.7% | 6.1% |
| Catastrophe loss ratio - prior year development | (2.2)% | (1.3)% |
| Losses and loss adjustment expense ratio | 68.6% | 58.7% |
| Acquisition cost ratio | 21.6% | 19.9% |
| Other underwriting expense ratio | 5.6% | 5.6% |
| Combined ratio | 95.8% | 84.2% |
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $437,425 | $394,053 |
| Casualty | 571,915 | 383,117 |
| Specialty | 150,122 | 143,494 |
| Total | $1,159,462 | $920,664 |
Gross premiums written increased by $238.8 million, or 25.9%, from $920.7 million for the nine months ended September 30, 2024 to $1.2 billion for the nine months ended September 30, 2025. The increase was primarily driven by growth in both new and existing business in casualty and property reinsurance classes, including certain non-recurring reinstatement premiums related to the California wildfires.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Property | $258,217 | $230,331 |
| Casualty | 422,073 | 293,535 |
| Specialty | 106,722 | 91,296 |
| Total | $787,012 | $615,162 |
Net premiums earned increased by $171.9 million, or 27.9%, from $615.2 million for the nine months ended September 30, 2024 to $787.0 million for the nine months ended September 30, 2025. The increase was primarily driven by new business and volume growth in our casualty, property and specialty reinsurance classes. The most significant drivers of this increase were general liability, professional liability and property treaty and quota share business.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Third party fee income | $3,544 | $6,377 |
Third party fee income is generated by certain performance based management fees recognized by Ada Capital Management Limited for services provided to Ada Re, Ltd. and decreased by $2.8 million, from $6.4 million for the nine months ended September 30, 2024 to $3.5 million for the nine months ended September 30, 2025.
| For the Nine Months Ended | ||||||
|---|---|---|---|---|---|---|
| ($ in thousands) | Current year | % of net premiums earned | Prior year development | % of net premiums earned | Losses and loss adjustment expenses | % of net premiums earned |
| Attritional losses | $424,058 | 53.9% | $(6,356) | (0.8)% | $417,702 | 53.1% |
| Catastrophe losses | 138,980 | 17.7% | (17,107) | (2.2)% | 121,873 | 15.5% |
| Total | $563,038 | 71.6% | $(23,463) | (3.0)% | $539,575 | 68.6% |
| Attritional losses | $326,786 | 53.1% | $5,119 | 0.8% | $331,905 | 53.9% |
| Catastrophe losses | 37,315 | 6.1% | (7,923) | (1.3)% | 29,392 | 4.8% |
| Total | $364,101 | 59.2% | $(2,804) | (0.5)% | $361,297 | 58.7% |
Attritional loss ratio - current year for the nine months ended September 30, 2025 was 53.9% compared to 53.1% for the nine months ended September 30, 2024, an increase of 0.8 percentage points. The attritional loss ratio - current year for the nine months ended September 30, 2025 was impacted by two large losses in our specialty and property reinsurance classes, in addition to a change in business mix, including an increase in casualty reinsurance business. The attritional loss ratio - current year for the nine months ended September 30, 2024 included a specific large loss of $26.1 million arising from the Baltimore Bridge collapse.
Attritional loss ratio - prior year for the nine months ended September 30, 2025 was a favorable 0.8% compared to an unfavorable 0.8% for the nine months ended September 30, 2024, a decrease of 1.6 percentage points. The favorable attritional loss ratio - prior year for the nine months ended September 30, 2025 was primarily driven by favorable development in specialty and property reinsurance classes and casualty and property insurance classes, partially offset by unfavorable development in certain casualty reinsurance classes, including discontinued lines of business and additional information on certain large losses.
Catastrophe losses - current year and prior year were $121.9 million and $29.4 million for the nine months ended September 30, 2025 and 2024, respectively. Catastrophe losses for the nine months ended September 30, 2025 were driven by the California wildfires ($130.7 million) and severe convective storms ($8.3 million), partially offset by favorable prior year development of $17.1 million. Catastrophe losses for the nine months ended September 30, 2024 were driven by Hurricane Helene ($21.0 million), the Calgary hailstorms ($12.3 million), and Hurricane Debby ($4.0 million), partially offset by favorable prior year development of $7.9 million.
| For the Nine Months Ended | |||||
|---|---|---|---|---|---|
| Acquisition Costs · % of Net Premiums Earned | |||||
| ($ in thousands) | September 30,2025 | September 30,2024 | September 30,2025 | September 30,2024 | '25 vs '24point r |
| Property | $35,720 | $28,019 | 13.8% | 12.2% | 1.6 |
| Casualty | 110,538 | 72,875 | 26.2% | 24.8% | 1.4 |
| Specialty | 23,370 | 21,576 | 21.9% | 23.6% | (1.7) |
| Total | $169,628 | $122,470 | 21.6% | 19.9% | 1.7 |
The acquisition cost ratio for the nine months ended September 30, 2025 was 21.6%, compared to 19.9% for the nine months ended September 30, 2024. The increase was primarily driven by a change in business mix, including more proportional business written in our casualty reinsurance classes.
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Other underwriting expenses | $47,831 | $41,022 |
| Other underwriting expense ratio | 5.6% | 5.6% |
Other underwriting expenses for the nine months ended September 30, 2025 were $47.8 million, an increase of $6.8 million, or 16.6%, compared to $41.0 million for the nine months ended September 30, 2024. The increase was primarily driven by an increased headcount as we continued to build out underwriting teams supporting the corresponding increase in premium volume and an increase in certain variable performance based compensation costs.
The other underwriting expense ratio for the nine months ended September 30, 2025 and 2024 remained flat at 5.6%.
Corporate and Other
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - TSHF(1) | $465,888 | $379,712 |
| Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other | 168,797 | 118,806 |
| $634,685 | $498,518 | |
| Net income (loss) attributable to non-controlling interest - TSHF | $220,990 | $172,240 |
Total net realized and unrealized gains (losses) on investments and net investment income (loss) -TSHF, prior to non-controlling interest, returned income of $465.9 million and $379.7 million for the nine months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees.
Net investment income, net of non-controlling interest - TSHF, returned income of $244.9 million and $207.5 million for the nine months ended September 30, 2025 and 2024, respectively. This includes the fund's returns, net of investment management fees and performance incentive allocations. The aggregate incentive allocation to which the investment manager is entitled is included in "Net income (loss) attributable to non-controlling interest" in our GAAP financial statements.
TS Hamilton Fund produced returns, net of investment management fees and performance incentive allocations, of 13.0% and 12.2% for the nine months ended September 30, 2025 and 2024, respectively.
For the nine months ended September 30, 2025, TS Hamilton Fund experienced gains from single name equities trading within the equity market neutral vehicles STV, ESTV, and ATV. Gains from single name equities trading were led by the U.S., followed by East Asia. TS Hamilton Fund also experienced gains from macro trading within the scientific discretionary macro vehicle, NTV, the systematic macro vehicle, FTV, and the relative value macro vehicle, HTV. Gains in TS Hamilton Fund were partially offset by losses from macro trading within the relative value rates vehicle KTV. Losses from such macro trading were led by balance sheet trades in KTV.
For the nine months ended September 30, 2024, gains in TS Hamilton Fund were led by macroeconomic trading in FTV. Within FTV, gains were achieved in equities, commodities, fixed income, and credit, while losses were experienced in currencies. TS Hamilton Fund also saw gains from single name equities trading within STV and ESTV. In single name equities trading, gains were led by U.S. equities within STV, followed by non-U.S. equities within ESTV. Within ESTV, East Asia, Europe, Pan-America and China all made positive contributions to gains, in decreasing order.
Total net realized and unrealized gains (losses) on investments and net investment income (loss) - other returned income of $168.8 million and $118.8 million for the nine months ended September 30, 2025 and 2024, respectively. Income for the nine months ended September 30, 2025 was primarily driven by investment income on a larger portfolio of higher yielding assets and positive mark-to-market returns. Income for the nine months ended September 30, 2024 was primarily driven by investment income on higher yielding assets and positive mark-to-market returns as a result of decreasing U.S. Treasury interest rates.
Net Foreign Exchange Gains (Losses)
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Net foreign exchange gains (losses) | $(4,422) | $(9,883) |
Our functional currency is the U.S. Dollar. We may conduct routine underwriting operations or invest a portion of our cash and other investable assets in currencies other than U.S. Dollars. Consequently, we may incur foreign exchange gains and losses in our results of operations.
Foreign exchange losses of $4.4 million and $9.9 million for the nine months ended September 30, 2025 and 2024, respectively, were primarily driven by the remeasurement of insurance-related assets and liabilities denominated in British Pounds, Euro, Japanese Yen, and Australian and Canadian Dollars.
Corporate Expenses
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Corporate expenses | $41,168 | $41,825 |
Corporate expenses for the nine months ended September 30, 2025 were $41.2 million, compared to $41.8 million for the nine months ended September 30, 2024, a decrease of $0.7 million. The decrease was the result of lower VAP expenses, partially offset by an increase in certain variable performance based compensation costs.
Amortization of Intangible Assets
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Amortization of intangible assets | $11,895 | $11,773 |
Amortization of intangible assets of $11.9 million and $11.8 million for the nine months ended September 30, 2025 and 2024, respectively, relates to internally developed software and intangible assets acquired in a business combination.
Interest Expense
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Interest expense | $15,264 | $17,090 |
Interest expense of $15.3 million and $17.1 million for the nine months ended September 30, 2025 and 2024, respectively, relates to interest payments and certain administrative fees associated with our term loan and letter of credit facilities. The decrease in interest expense was primarily driven by the decrease in the SOFR, which underlies the floating rate associated with the term loan.
Income Tax Expense (Benefit)
| For the Nine Months Ended | ||
|---|---|---|
| September 30, | ||
| ($ in thousands) | 2025 | 2024 |
| Income tax expense (benefit) | $9,748 | $6,118 |
Income tax expense for the nine months ended September 30, 2025 was $9.7 million, compared to $6.1 million for the nine months ended September 30, 2024, an increase of $3.6 million. Tax expense is primarily driven by withholding taxes on investment income from TS Hamilton Fund and income tax expense on earnings from our U.S. and Dublin operations, partially offset by a decrease in valuation allowance.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.